Summary: H.R.831 — 104th Congress (1995-1996)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Conference report filed in House (03/29/1995)

Amends the Internal Revenue Code to make permanent the deduction for health insurance costs of self-employed individuals. Makes such provision effective beginning after December 31, 1993. Increases such deduction from 25 percent to 30 percent effective beginning after December 31, 1994.

Repeals provisions that provide for nonrecognition of gain from sales and exchanges certified by the Federal Communications Commission (FCC) to be necessary or appropriate to effectuate FCC policies regarding ownership and control of radio stations. Makes this amendment effective with respect to sales and exchanges on or after January 17, 1995 (or before such date if the FCC tax certificate is issued on or after that date). States rules for determining whether a contract for sale or exchange was binding before such date and therefore outside the application of this amendment. Treats a contract as non-binding if the sale or exchange, or the material terms of the contract, were contingent, on January 16, 1995, on the issuance of a certificate. Provides that a contract's material terms shall not be treated as contingent on such issuance solely because the terms provide that the sales price would otherwise be increased by an amount not more than ten percent of the sales price.

Provides that the rules on nonrecognition of gain from involuntary conversions do not apply, in the case of a C corporation or a partnership in which one or more C corporations own more than 50 percent of the partnership's capital or profits interests at the time of the conversion, if the replacement property or stock is acquired from a related person. Makes such rules applicable to qualified sales or exchanges relating to certain reallocations by the FCC of microwave spectrums for use for personal communications services.

Denies the earned income tax credit for individuals who earn more than $2,350 of investment income for a taxable year.

Extends, through December 31, 1995, the disallowance of employer deductions of amounts paid or incurred in connection with a group health plan if the plan does not reimburse hospitals for inpatient services provided in New York at the same rate required of licensed commercial insurers for services to individuals not covered by a group health plan.

Requires a study and report by the Joint Committee on Taxation of the issues presented by any proposals affecting the taxation of expatriation.